Phone Calls VS SMS For Debt Collection Overview
When approaching your audience for debt collection efforts, the approach of the initial outreach can be a difficult task to choose. Both phone calls and SMS (text messaging) strategies can be effective, with phone calls being the long-founded communication method of choice, SMS is now making waves as younger Americans prefer to text.
With each passing day, younger Americans are becoming a larger slice of the population, and with that SMS marketing is proving increasingly effective. Millennials for example, overwhelmingly prefer texting over phone calls. With an astounding 75% of Millenials stating they would rather lose the ability to receive phone calls over text messages.
With SMS marketing platforms being so affordable, it’s no wonder why many businesses are choosing to implement text messaging into their marketing strategies. 87% of businesses have rated SMS marketing as important to their future marketing strategy [Forrester, 2022].
Phone calls can often be a better approach when you need to have an in-depth conversation or exchange detailed information with a client. With SMS messages being limited to 160 characters, these situations are better handled with a phone call.
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Getting your message across to customers or clients has never been easier. With CloudContactAI, you can send:
- Discount codes
- Appointment reminders
- Closure notifications
- Policy changes
- Tracking information
SMS yields an impressive 98% open-rate
90% of texts are read within 3 minutes
Text messages have a 45% average response rate
Advantages of SMS (Text Messaging) for Debt Collection
Advantages of Phone Calls for Debt Collection
In closing, both SMS and phone calls have their benefits and drawbacks for debt collection efforts. The best way to handle your collection efforts is by taking the time to review the individual circumstances of the debtor and then carefully choose the appropriate path toward collection.
If you are considering using SMS or phone calls for debt collection, it is important to do your research and understand the laws and regulations that apply to you. It is also important to ensure you are using a trustworthy and reputable SMS marketing platform or Phone call debt collection agency for your efforts.
With careful consideration and execution, SMS and phone calls can both be effective tools to collect debts and improve your client relations.
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